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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (27930)	2/9/1999 4:16:00 PM
From: John Hunt	Read Replies (1) \| Respond to of 116753

Sensitive U.S. data leaked again on Internet << For the third time in three months, a sensitive piece of U.S. economic data was prematurely released on the Internet on Tuesday, renewing concerns on Wall Street about controls over market-moving information. The Federal Reserve Bank of Richmond posted its monthly survey of regional manufacturing on its Web site about half an hour before the scheduled 1000 EST/1500 GMT release time. -- cont'd -- >> Maybe if they fired someone........ Gold stocks were depressing again today. BTW, lease rates were lower this morning, after being up yesterday :-((

To: long-gone who wrote (27930)	2/9/1999 4:38:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116753

>>>The impetus for the weakness in gold today were comments from German officials that IMF sales of the yellow metal were no longer frowned upon. Silver traded as I expected, giving back more gains in purely technical action, closing almost 10-cents lower in spite of somewhat bullish fundamentals. The white metals rallied on a lack of fresh news regarding PGM sales from the Russians. Also take note that PL/GC spreads also did very well today, and if interested check out our TradeScope newsletter. In technical action, copper sold off after moving higher by over 500 points the last few sessions. On the fundamental side, LME warehouse stocks of copper continue to build. April Gold -- O 290.9 H 290.9 L 288.5 C 289.2 Chg. -2.1 The bit of strength recently didn't sway me into the bullish camp and I am glad the lure of a rally didn't send me into the wolves. Some are attributing today's weakness to comments from German government officials saying that they no longer oppose IMF sales to help provide income for poor countries. Bulls will argue that physical demand for gold is strong, using the heavy demand for gold Eagle coins as evidence to support their case. I still feel that it is far too early to jump in heavily with bullish positions, wait for a move higher before getting bullish. If you just can't wait around, I suppose inexpensive call options are a consideration...just in case. The bears are still in charge overall as the path of least resistance continues to be lower. The key nearby technical areas for the bulls to watch on a closing basis are 292.1 and 294.3, as 2 consecutive closes above those areas could cause a stab towards the 308 area. The sloppy inverted head and shoulders I mentioned yesterday is still somewhat valid, but I won't be convinced of an impending bull move till it breaks key resistance. The 287.7 area provides nearby support, and bargain hunters may want to attempt to buy in that area. However, if 287.7 is broken on a closing basis, a test of 284 and then contract lows is likely. The overall price trend continues lower as bears are still in charge, but bulls could take over on closes above 292.1 and 294.3. March Silver -- O 556 H 559 L 550 C 550.5 Chg. -11.7 Silver is doing what any market should do after a sharp rally, it is taking a breather to recover, and eventually pick up more bulls to join the party. It is rare that a market moves straight up without a small countertrend movement of some kind. Both the technicals and fundamentals still point to further strength ahead, but more of a small correction is likely. On the physical side, it appears lease rates continue to be strong, a sign of tight physical supply. Our TradeScope newsletter is looking to get back into silver, let me know if you are interested in what we are doing. As I mentioned earlier, the latest wave higher looks to be a 3rd impulse wave in the Elliot Wave series, and now we are in a 4th wave correction of this latest rally. The last few days have also created a bull flag. A close below 538.5 would likely send this market back to the low 520's, the area it originally broke out from. The technical bearish divergence I noticed yesterday is doing its job, sending the market lower where it can attract new buyers. The pullback today is about 10-cents from where I feel it will soon hit. If the 540 area holds, consider buying into it, with the next upside target of 607. March Copper -- O 6770 H 6780 L 6640 C 6675 Chg. -170 Copper gave back all it gains from yesterday in technical trading. As mentioned yesterday, this market was nearing technical resistance, although I did expect the market to run through 6900 before coming back down. Fundamentals are unchanged in this bear market. Record high LME copper warehouse stocks just keep getting larger, as today there was an increase of 1,975 metric tons. Copper has corrected its recent bear move by moving almost 500 points higher. Indicators are still headed higher, but getting weaker. I felt more strength may be in order to move indicators into overbought ground, and that still may be the case. We are still trading above moving averages, and there is still major congestion and resistance at 6960. But after today I am suspect if my original target of 6960 will be hit. There is also a supposedly bullish seasonal in the March-April period, but maybe we are getting the run higher a bit early. The bears are still in charge overall (meaning the multi-year trend) but look as if they will give back more ground. >>> investorlinks.com